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https://en.m.wikipedia.org/wiki/Takaful https://en.m.wikipedia.org/wiki/Takaful The purpose of this system is not profits, but to uphold the principle of "bear
by zhengiszen 10y ago
https://en.m.wikipedia.org/wiki/Takaful https://en.m.wikipedia.org/wiki/Takaful
The purpose of this system is not profits, but to uphold the principle of "bear ye one another's burden". The principles of takaful are as follows:
- Policyholders cooperate among themselves for their common good.
- Policyholders contributions are considered as donations to the fund (pool)
- Every policyholder pays his subscription to help those who need assistance.
- Losses are divided and liabilities spread according to the community pooling system.
- Uncertainty is eliminated concerning subscription and compensation.
- It does not derive advantage at the cost of others.
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- JetSpiegel 10y agoAnd yet the insurance companies are for-profit corporations. Does not compute.